Mamdani floats New York City property tax raise if state won’t tax millionaires

Threat of 9.5% property tax increase puts pressure on Governor Hochul, who is seeking re-election this yearZohran Mamdani, New York’s democratic socialist mayor, has unveiled two new budget proposals for the city, prompting feedback from those in and out of the state.Mamdani’s two proposals include either raising taxes on the city’s wealthiest residents – which would require approval from New York’s governor, Kathy Hochul – or a “last resort” measure of a 9.5% property tax increase, which could affect “more than 3 million single-family homes, co-ops and condos and over 100,000 commercial buildings”, according to the New York Times. Continue reading...